WASHINGTON â€” The House of Representatives gave final approval on Friday to the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history.
The crucial vote was 263-171, passing by a comfortable bipartisan margin. Most Democrats voted in favor (172 yeas to 63 nays), while a slighter majority of Republicans voted against (91 yeas to 108 nays). Every member of the House voted. (There is one vacancy, created by recent death of Stephanie Tubbs Jones of Ohio.)...
The ACORN Obama knows by Michelle Malkin Creators Syndicate Copyright 2008
If you donâ€™t know what ACORN (the Association of Community Organizations for Reform Now) is all about, you better bone up. This left-wing group takes in 40 percent of its revenues from American taxpayers â€” you and me â€” and has leveraged nearly four decades of government subsidies to fund affiliates that promote the welfare state and undermine capitalism and self-reliance, some of which have been implicated in perpetuating [URL=http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2006/06/15/MNGRMJEGM81.DTL&type=printable]]]ILLEGAL IMMIGRATION[/URL] and encouraging [URL=http://michellemalkin.com/2008/03/13/more-left-wing-voter-fraud-allegations-against-acorn/]]]VOTER FRAUR[/URL]. A new whistleblower report from the Consumer Rights League documents how Chicago-based ACORN has commingled public tax dollars with political projects.
Who in Washington will fight to ensure that your money isnâ€™t being spent on these radical activities?
Donâ€™t bother asking Barack Obama. He cut his ideological teeth working with ACORN as a â€ścommunity organizerâ€ť and legal representative.
Read the whole article michellemalkin.com/2008/03/13/more-left-wing-voter-fraud-allegations-against-acorn/
The Federal Reserve Act, passed by Congress in 1913, laid the foundation for the creation of a privately owned and controlled central bank and gave private bankers the power to control the nationâ€™s money supply.
Nearly 100 years later, the role the central bank has played in the financial scandal has been widely reported in the mainstream. Former Federal Reserve chairman Alan Greenspan, once heralded as "the maestro," has been feeling the heat for supporting the deregulation of financial institutions and flooding markets with cheap dollars.
U.S. News & World Report had a recent commentary titled "From Enron to the Financial Crisis, With Alan Greenspan in Between" excoriating Greenspan, who as the nationâ€™s top banker, repeatedly downplayed the risks associated with derivatives even after the collapse of Enron in 2002.
On September 27, The New York Times also hit Greenspan for his failure to watch over and regulate greedy banks. To its credit, the Times also blasted Congress for dismantling important safeguards, including the Glass-Steagall Act . . . .
First of all, it was stated that the taxpayers should get their money back with a profit--according to President Bush. Also they just didn't want to repeat a mistake of 1929. "The Federal Reserve is the most powerful institution of a new order that believed in the efficacy of government and its ability to do good. The same Federal Reserve caused the Great Depression when its wise men made a series of cumulative mistakes that contracted the money supply by one-third and wiped out purchasing power in an unprecedented fashion." from, [URL=http://www.hoover.org/publications/policyreview/3476271.html]]]The Fed's "Depression" and the Birth of the New Deal[/URL], an article I haven't read completely, but really probably hostile to big government.
A wise course of action would be the wholesale rejection on this Election Day of all incumbents who voted for the bailout bill in both House and Senate. Do that once, and watch how much better Congress responds to citizen pressure the next time around. - "The Rebellion That Failed," by Dave Lindorff
[URL=http://www.investors.com/editorial/editorialcontent.asp?secid=1501&status=article&id=307667278225125]]]Should Congress Be 'Perp-Walked'?[/URL] "A federal grand jury in New York is probing the accounting shenanigans at Fannie Mae and Freddie Mac. It's about time, and we hope it doesn't end there.
Remember the early 2000s, when companies such as WorldCom, Enron, Tyco and Xerox suddenly and spectacularly were revealed to have been cooking their books?
Remember the glee expressed by Washington politicians, especially Democrats, as they watched CEOs and their underlings get perp-walked out of their buildings and into federal custody?
Enron became the poster child for corporate misdeeds. In the accounting crisis of 2002, CEO Ken Lay was one of the most loathed human beings on Earth. And no, that's not an exaggeration.
Here was California Attorney General William Lockyer, one of many Democrats on the national scene who gloated at the downfall of the Enron chief and others: "I would love to personally escort Lay to an 8-by-10 cell that he could share with a tattooed dude who says, 'Hi, my name is Spike, honey.'"
Lockyer wasn't the only one swept up in a spiteful prosecutorial frenzy. Sure, some of the prosecutions were deserved. But some were excessive,..."
Black Friday. Might as well start burning your money this winter for heat, since with the inflation this introduces it'll probably be worthless in a few years.
Reminds me of the story about inflation in Germany between the wars -- a guy got paid in cash, put his money into a wheelbarrow, and went into a store to buy something. He knew the money was worthless and left it on the sidewalk. When he came out of the store, someone had dumped the money out and stolen the wheelbarrow.
If you laughed, you don't understand what fiat currency is all about...
"The House of Representatives gave final approval on Friday to the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history."